Talanx and Swiss Life have agreed on a strategic partnership in key business areas. To fortify the cooperation, Talanx is purchasing a long-term participation of up to 9.9% in Swiss Life. Talanx will also acquire a stake of 8.4% in MLP from Swiss Life.

The Hanover-based Talanx Group, which is the third largest insurance group in Germany in terms of premium income, and the Swiss Life Group, the leading Swiss life insurer, domiciled in Zurich, have agreed to enter into a strategic partnership to facilitate cooperation in key areas. The two companies will cooperate in distribution through AWD, in the international business with life insurance solutions, in life reinsurance, in operations involving selected products in certain defined areas, and in the reciprocal use of public investment funds. With this partnership, Talanx aims to further strengthen its market position in the private clients segment in Germany and internationally, and to expand its existing business relations with AWD. Through the partnership Swiss Life intends to drive international growth and to improve its market position in Germany further, following its acquisition of AWD and the stake in MLP.

Herbert K. Haas, Chairman of the Executive Board of Talanx AG:
“In Swiss Life we have a strong partner with whom we can efficiently cooperate in many areas. Through the resultant cooperation with AWD we can reinforce our position in the area of independent financial advisory services. Our stake in MLP is another source of strength in this regard. This independent financial advisory services distribution channel will continue to gain in significance.”

Rolf Dörig, Delegate of Swiss Life's Board of Directors: “The cooperation with Talanx will not only strengthen our market position in Germany, but also give us a strong shareholder who will support us in meeting our international expansion goals. We are thus laying a solid foundation for profitable growth in the years ahead.”

Talanx purchases Swiss Life shares and acquires MLP package
To reinforce this partnership, Talanx will acquire a stake of up to 9.9% in Swiss Life. Talanx already owns 2.9% of Swiss Life and, subject to the approval of the relevant governing bodies, will acquire another 3.0% from Swiss Life’s own holdings. Talanx will further build up this stake in Swiss Life by purchasing shares on the market. Talanx is not seeking a seat on Swiss Life’s Board of Directors. Talanx is also acquiring an 8.4% stake in MLP from Swiss Life. Together with the 1.5% share accumulated in recent months, Talanx thus now holds a total of 9.9% in MLP. Swiss Life intends to reduce its remaining participation in MLP from 15.9% to below 10%, and is currently holding discussions with potential buyers and MLP. Independently of each other, Swiss Life and Talanx will each seek to cooperate with MLP within the new structure. Both companies will fully respect MLP's current business model as an independent financial services and asset management provider.

Cooperation between Talanx and AWD

As part of the cooperation agreement, it is envisaged that Talanx will become one of AWD's key product partners. AWD’s successful business model based on providing independent, top-quality financial advisory services will not be affected. Products offered by AWD financial advisors must fulfil the “best select” criteria. Thanks to its large selection of product partners, AWD’s independence in terms of partners and products will remain intact.

Development of cooperation in the months ahead

Talanx and Swiss Life are convinced that this partnership will support international growth. Based on the basic agreement presented today, the cooperation measures to be implemented in the areas identified will be defined in greater detail in the weeks and months ahead. All arrangements between Swiss Life and Talanx remain subject to the approval of Talanx’s governing bodies.


Information on Talanx

Thomas von Mallinckrodt
Head of Communications
Phone +49 511 3747 2020

www.talanx.com

Swiss Life
The Swiss Life Group is one of Europe's leading providers of life insurance and pension solutions. In Switzerland, France and Germany, the Group offers individuals and corporations comprehensive advice and a broad range of products through its own sales force as well as brokers and banks. Swiss Life provides international corporations with employee benefits solutions from a single source, and is one of the global leaders in structured life and pension products for international high net worth individuals.

The AWD Group became part of the Swiss Life Group in 2008. Hanover-based AWD is one of Europe's top financial services providers for the medium- and high-income customer segments. AWD offers its clients independent financial advisory services. Around 6000 advisors and intermediaries work for the AWD Group in ten European countries.

Swiss Life Holding Ltd, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding Ltd are listed on the SIX Swiss Exchange (SLHN). The Swiss Life Group employs a staff of around 9000.

Talanx

With an expected gross premium income of almost EUR 20 billion for 2008, the Talanx Group is the third largest German insurance group. Talanx works as a multibrand provider, including HDI, HDI-Gerling, Hannover Re, one of the world’s leading reinsurers, Aspecta, CiV Versicherungen, PB Versicherungen, Neue Leben and the financial services provider AmpegaGerling. The Hanover-based Group is active in 150 countries. The rating agency Standard & Poor’s has given Talanx a financial strength rating of A+/stable (very good).
Cautionary statement regarding forward-looking information
This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other important factors which may result in a substantial divergence between the actual results, financial situation, development, performance or expectations of Swiss Life and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers are cautioned that these statements are only projections and that no undue reliance should be placed on such forward-looking statements. Neither Swiss Life nor any of its directors, officers, employees or advisors nor any other person connected or otherwise associated with Swiss Life makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this publication. Neither Swiss Life nor any of the aforementioned persons shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this information. Furthermore, Swiss Life assumes no responsibility to publicly update or alter its forward-looking statements or to adapt them, whether as a result of new information, future events or developments or any other reason.